New York Gov. Pataki Signs CU Bills in to Law

ALBANY, N.Y. – New York Governor George Pataki signed two credit union bills in to law earlier this week. The State Credit Union Modernization Act (Chapter 679, Laws of 2003) gives state-chartered credit unions parity with federal credit unions in several key areas. The measure was sponsored by state Sen. Hugh Farley (R-Capital) and Assemblywoman Aurelia Greene (D-Metro). The Student Financial Education Act, sponsored by Assemblyman Ronald Tocci (D-New Rochelle) and Sen. Stephen M. Saland (R-Poughkeepsie) authorizes state-chartered CUs to open and maintain student-run CU `branches’ in schools not already within their field-of-membership. The new law reinforces credit unions’ goals to educate today’s youth in becoming financially responsible adults. Both measures were passed unanimously by the New York State Legislature earlier this session. Representing the New York State Credit Union League at the bill signing ceremony were President/CEO William Mellin, SVP/General Counsel Michael Lanotte, and Director of Governmental Affairs Amy Kramer. CUs represented at the signing ceremony including Americu CU, Hudson River Community CU, and Melrose CU.